Mumbai, Sep 1 (IANS): Enterprise security spending (hardware, software and services) in India is set to reach $1.12 billion in 2016 -- up 10.6 per cent from $1.01 billion last year, market research firm Gartner said on Thursday.

Security spending will continue to grow in 2017 when revenue is projected to reach $1.24 billion, the firm announced during its inaugural "Gartner Security and Risk Management Summit" taking place through Friday here. 

Security services -- that includes consulting, implementation, support and managed security services -- revenue accounted for 61 per cent of this total revenue in 2015 and this proportion will increase to 66 per cent by 2020, the company said in a statement.

"The strong growth in the security services market will be primarily because customers need external services to transform their security posture in the digital business era," said Siddharth Deshpande, Principal Research Analyst at Gartner.

"In 2016, we are seeing large enterprises increase their security budgets to enhance their security programme and several midmarket and enterprise organisations creating new space for security spending as part of their technology budget," added Deshpande.

Mature organisations that have begun the journey towards detection and response approaches are now looking to focus on advanced capabilities around security operations and incident response. 

"Digital business moves at a faster pace than traditional business and traditional security approaches designed for maximum control will no longer work in the new era of digital innovation," Deshpande noted.